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At the ETH Denver event, Hester Peirce, a Commissioner at the U.S. Securities and Exchange Commission (SEC), took the stage to voice her continued criticisms of the regulatory body she is a part of. Peirce expressed her frustration with the SEC’s approach to regulating the cryptocurrency industry, particularly criticizing the practice of “regulating by enforcement” and the slow pace at which the SEC has been in approving spot Bitcoin Exchange-Traded Funds (ETFs).
She has been given the nickname “crypto mom” for her support of crypto and criticism of over-regulation of digital assets.
What I reflect is the fact that you all are spending part of your brainpower wondering how to avoid getting sued – Hester Pierce, ETHDenver 2024
Peirce highlighted a recent case involving Grayscale, which she said presented the SEC with an opportunity to approve a Bitcoin exchange-traded product. She found it remarkable that it required a court’s intervention for the SEC to consider such approval. Reflecting on her tenure since 2018, Peirce recalled that the SEC had its first chance to approve a Bitcoin ETF that summer. She believed that even back then, the SEC should have given the green light to the product.
The Commissioner also addressed the curiosity surrounding the SEC’s stance on pending applications for Ethereum spot ETFs. While she acknowledged the interest in the outcome, she maintained that the matter is currently under consideration at the SEC, and she could not divulge more information.
SEC’s Aggressive Tactics: Suing Rather than Helping to Follow the Law
One of the primary grievances that the cryptocurrency industry has with the SEC is the agency’s preference for enforcement actions over clear regulatory guidance. Companies such as Ripple, Coinbase and Binance have found themselves in legal battles with the SEC, which has sued them rather than providing clear rules. Peirce, who often speaks at cryptocurrency events, criticized the SEC for taking action after the fact instead of establishing clear guidelines beforehand.
If we all want to bubble wrap ourselves it would be a much less interesting country
Peirce argued that the SEC’s approach of pushing entities away from the U.S. is counterproductive, as it places them beyond the regulatory reach of U.S. agencies. She advocated for a common-sense approach, suggesting that clear rules would be more effective in distinguishing between good and bad behavior than the current strategy of retrospective enforcement.
The Commissioner also spoke about the potential for collaboration between cryptocurrency enthusiasts and policymakers. She emphasized the importance of coming up with ideas that are ready to be implemented when the SEC’s leadership, particularly Chair Gary Gensler, changes its views on cryptocurrency. Peirce mentioned the concept of a “safe harbor” for tokens, which would provide basic disclosure and allow projects time to reach a point of decentralization.
In October 2021, U.S. Representative Patrick McHenry introduced the Clarity for Digital Tokens Act, which proposed a safe harbor aligned with Peirce’s own proposal. The legislation would give crypto startups up to three years to demonstrate “network maturity” and achieve decentralization to the extent that their tokens no longer meet the definition of securities under federal law.
Peirce acknowledged that Bitcoin has gained some legitimacy in the eyes of the SEC due to its decentralized nature. While she advocates for fair regulations for cryptocurrencies, she also reiterated the importance of the SEC’s role in prosecuting fraud within the crypto space. She stressed that while the SEC should pursue fraudsters, it should also engage in thoughtful consideration of appropriate regulations for the industry.
Finally, Peirce expressed her frustration with investors who demand government intervention only after making poor investment decisions. She emphasized that with the freedom to invest comes the responsibility to bear the consequences of one’s choices.
Smog, a New Meme Coin in the Solana Ecosystem
Smog is the latest meme coin sensation in the Solana ecosystem, following the success of popular predecessors like Honk, Bonk, Myro, and Dogwifhat. The Smog team is set to make its mark in the meme coin space with a massive airdrop aimed at increasing its visibility and attracting a broader audience. Although the specifics of the airdrop are yet to be revealed, it’s known that 35% of Smog’s total supply is designated for these events, making it one of the most substantial airdrops in the cryptocurrency world.
But Smog isn’t just focusing on the airdrop; it’s also dedicated to cultivating a dynamic community. The project is launching a unique Zealy campaign to promote token ownership and engage early investors. These initial supporters will have access to an exclusive group where they can take part in interactive quests on platforms like Discord or X, earning points in the process. The aim is to encourage active community participation and reward loyal followers.
The overarching goal of these efforts is to catapult Smog to fame within the Solana meme coin ecosystem. With robust community support and an inventive engagement strategy, Smog could become one of the next big thing in the meme world.
To keep up with Smog and its progress, visit the official website and seize the opportunity to be part of this thrilling new venture.
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